Patterson-UTI Energy, Inc. (PTEN) Downgraded by BidaskClub
BidaskClub downgraded shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) from a sell rating to a strong sell rating in a research report sent to investors on Tuesday.
A number of other equities research analysts have also issued reports on PTEN. BMO Capital Markets restated a hold rating and set a $28.00 price target on shares of Patterson-UTI Energy in a report on Thursday, April 13th. Jefferies Group LLC set a $35.00 price target on shares of Patterson-UTI Energy and gave the company a buy rating in a report on Monday, April 24th. Zacks Investment Research upgraded shares of Patterson-UTI Energy from a hold rating to a buy rating and set a $26.00 price target on the stock in a report on Thursday, April 27th. Morgan Stanley restated an overweight rating on shares of Patterson-UTI Energy in a report on Friday, April 28th. Finally, Deutsche Bank AG cut their price target on shares of Patterson-UTI Energy from $31.00 to $28.00 and set a hold rating on the stock in a report on Friday, April 28th. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and fifteen have given a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus price target of $27.38.
Shares of Patterson-UTI Energy (PTEN) traded down 0.24% during mid-day trading on Tuesday, reaching $16.83. 3,615,554 shares of the company were exchanged. The firm’s market capitalization is $3.56 billion. Patterson-UTI Energy has a 12 month low of $16.80 and a 12 month high of $29.76. The company’s 50 day moving average price is $19.58 and its 200 day moving average price is $22.99.
Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings results on Thursday, July 27th. The oil and gas company reported ($0.21) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.30) by $0.09. Patterson-UTI Energy had a negative net margin of 23.78% and a negative return on equity of 10.03%. The business had revenue of $579 million for the quarter, compared to analyst estimates of $556.47 million. During the same quarter in the previous year, the business earned ($0.58) earnings per share. The firm’s revenue was up 198.5% compared to the same quarter last year. Equities analysts anticipate that Patterson-UTI Energy will post ($0.91) earnings per share for the current year.
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The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 21st. Shareholders of record on Thursday, September 7th will be given a $0.02 dividend. This represents a $0.08 annualized dividend and a yield of 0.48%. The ex-dividend date is Wednesday, September 6th. Patterson-UTI Energy’s dividend payout ratio is -4.06%.
Several hedge funds have recently bought and sold shares of the company. BlackRock Inc. increased its stake in Patterson-UTI Energy by 11,291.0% in the first quarter. BlackRock Inc. now owns 14,461,920 shares of the oil and gas company’s stock valued at $350,991,000 after buying an additional 14,334,961 shares in the last quarter. BlueMountain Capital Management LLC increased its stake in Patterson-UTI Energy by 8,571.3% in the second quarter. BlueMountain Capital Management LLC now owns 3,761,861 shares of the oil and gas company’s stock valued at $75,952,000 after buying an additional 3,718,478 shares in the last quarter. Vanguard Group Inc. increased its stake in Patterson-UTI Energy by 22.8% in the second quarter. Vanguard Group Inc. now owns 16,761,217 shares of the oil and gas company’s stock valued at $338,409,000 after buying an additional 3,115,388 shares in the last quarter. Axar Capital Management L.P. purchased a new stake in Patterson-UTI Energy during the second quarter valued at about $59,956,000. Finally, JPMorgan Chase & Co. increased its stake in Patterson-UTI Energy by 39.4% in the second quarter. JPMorgan Chase & Co. now owns 7,866,364 shares of the oil and gas company’s stock valued at $158,823,000 after buying an additional 2,224,128 shares in the last quarter. 85.78% of the stock is owned by institutional investors and hedge funds.
About Patterson-UTI Energy
Patterson-UTI Energy, Inc is an oilfield services company. The Company owns and operates a fleet of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company’s segments include Contract Drilling, Pressure Pumping and Other operations. The Contract Drilling segment markets its contract drilling services to independent and other oil and natural gas operators.
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